Wednesday, August 3, 2011

House Foreclosure Help

Facing a foreclosure on your home is serious business. Not only is it a major blow to your credit and your future, but it is taking away your home, the most precious and valuable thing you and your family own. Hard times happen, and they don't just happen to you. In this time of economic crisis, many people are facing horrible problems they never dreamed of even five years ago. Knowing what to do in case a foreclosure is imminent can help you keep your home.

Talk to your lender

    It is very important to talk to your mortgage company. Most people are afraid to call, or are ashamed. This is a mistake for many reasons. Almost every bank or lender will work with a borrower to avoid foreclosure. When a bank forecloses on a property, everyone loses money, including the bank. Lenders want the borrowers to get back on their feet and be able to resume paying their debt. Calling and speaking with a loan officer and working together to find a solution is the best way to avoid a bank foreclosure. So get your bill out and call that customer service number.

Government Help

    There are programs in place through the U.S. government to help struggling homeowners. Most mortgage companies are aware of these programs and can direct you to them online, or give you a phone number for government self-help programs. There are refinancing options, temporary stays on loans, and other options, depending on what you might qualify for.

Keep Fighting

    Don't just give up when you receive the foreclosure notice. Banks are required to send out those notices after a certain amount of delinquency. It does not mean that foreclosure is going to happen right away. Even when you have received the final notices, keep working with your lender to do whatever it takes to buy you more time to get back on your financial feet. Don't give in -- fight for your home and chances are you will be able to keep it.

Bankruptcy

    If all else fails, file for bankruptcy. Bankruptcy laws can protect you from losing your home, and even if that is impossible, it can delay the loss for several months. Contact a lawyer concerning your options for bankruptcy.

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